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Hazard Impact Tracker

HIT - Leveraging New Global Cyclone Data to create a Catastrophe Portfolio Management Platform

We use knowledge decision-making under uncertainty to build an anticipatory action system to save lives and livelihoods threatened by cyclones and severe storms.

 

Funder: Innovate UK Grant

Mapwork of the Project:

Aim

We aim to empower private customers (insurers, reinsurers) and aid agencies alike to effectively respond to cyclones worldwide with the Hazard Impact Tracker (HIT).

Relevance

Cyclones are global convective weather phenomena associated with intense winds, extreme precipitation, and storm surges in coastal regions. They are frequently devastating to society, both from economic and loss-of-life perspectives.At the same time, studies show that the deadliest and costliest natural disasters seen in the past 20 years were forecasted. The state of scientific knowledge empowers us to anticipate a disaster and take action before it strikes. Suchanticipatory action can bring significant benefits across multiple sectors: humanitarian (fewer lives lost), infrastructure (lower reconstruction costs post-event) and finance (effective risk transfer in insurance and reinsurance industries).While there are strong benefits to anticipatory action, there are also objective barriers to deploying it at scale, most significantly:

  • Uncertainty as to when and under what conditions pre-emptive action should be triggered.
  • Inaccessible, inconsistent or incoherent data at a global scale.

Impact

This consortium brings together experts from the academic sector (LSE, University of Reading), humanitarian sector (Red Cross), and private sector (Maximum Information, AON) to overcome these challenges. We will develop and bring to market a novel product that develops a continuous global cyclone dataset and makes analytics accessible via a responsive user interface.

Team

LSE Team

Maximum Information

  • Tom Philp

  • Rozalie Ryclova

  • Giacomo Favaron

University of Reading Team

AON

Publications

 

Grants/ Collaboration

Grant: Innovate UK

Collaborations: University of Reading, Maximum Information and AON.